MicroStrategy Resumes Bitcoin Buying Spree

MicroStrategy, a company that owns 4% of all Bitcoin in existence, resumed its buying spree in late August. The firm acquired 4,603 coins for $370 million, with an average price per coin of $80,318.

The purchases were made using over-the-counter desks to avoid influencing the market. Despite being a massive buyer, Strategy's influence on prices has diminished as it no longer sets market trends with its trades.

Strategy's buying is more about reacting to market sentiment rather than steering price movements. Its recent sales have clustered around annual lows, and purchases tend to occur near local highs.